What's the situation with Patisserie Valerie?

The group's parent firm Patisserie Holdings issued a stock market update on Thursday saying that it will cease trading without an "immediate" cash injection after discovering a major black hole in its finances.

PwC, which is working with the firm on its financial position, is the most likely to carry out the insolvency if the chain needs to enter administration.

The firm said on Thursday: "The company, in conjunction with its professional advisers, has during the last 24 hours, undertaken further investigation into the financial status of the company.